XRP Price Analysis: Bitcoin Could Lead XRP Higher To $0.580
XRP price is gaining pace above the $0.505 support against the US dollar.
The price is now trading above $0.512 and the 55 simple moving average (4 hours).
There is a key rising channel forming with resistance near $0.5350 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it stays above $0.500.
XRP price is rising above $0.505 against the US Dollar, like Bitcoin. The price must stay above $0.500 to continue higher in the near term.
XRP Price Analysis
After finding bids near $0.4785, XRP price started a fresh increase against the US Dollar. It climbed above the $0.488 resistance zone to move into a positive zone.
The price gathered pace and climbed above the $0.500 resistance zone. The pair even surged toward the $0.512 resistance zone. A high was formed near $0.5350 and the price recently corrected gains. There was a move below the $0.525 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.4778 swing low to the $0.5350 high.
XRP price is now trading above $0.512 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.530. The next major resistance is near the $0.535 level.
There is also a key rising channel forming with resistance near $0.5350 on the 4-hour chart of the XRP/USD pair. The main resistance is now forming near the $0.550 zone. A clear move above the $0.535 and $0.550 levels might start a steady increase. In the stated case, the price could test the $0.565 resistance.
Any more gains might send the price toward the $0.580 resistance. Initial support on the downside is near the $0.5150 level. The next major support is near the $0.5065 level, below which the price could gain bearish momentum toward the $0.500 support. Any more losses could lead the price toward the $0.488 level.
Looking at the chart, XRP price is now trading above the $0.510 zone and the 55 simple moving average (4 hours). Overall, the price could start another increase if it stays above $0.500.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.5150, $0.5050, and $0.5000.
Key Resistance Levels – $0.5350 and $0.5500.
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Filed under: Bitcoin - @ October 23, 2023 3:48 am